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The Cost Of Poor Leadership

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Have you ever stopped to ask yourself: Am I a good leader? Am I leading in the right direction? Or am I hurting my team and inhibiting performance?

According to research from the Blanchard Company, poor leadership costs more than you might think:

  • Less-than-optimal leadership practices cost the typical organization an amount equal to as much as 7% of total annual sales.
  • At least 9% and possibly as much as 32% of an organization’s voluntary turnover can be avoided through better leadership skills.
  • Better leadership can generate a 3-4% improvement in customer satisfaction scores and a corresponding 1.5% increase in revenue growth.
  • Most organizations are operating with a 5-10% productivity drag that better leadership practices could eliminate.

The important thing to remember is leadership and management are not one in the same. There are certain roles that presumably require leadership skills – CEO’s, Presidents, Vice Presidents, Mangers, Team Leaders and Supervisors. However, a job title doesn’t always equate to a strong leader. Poor leadership can be detrimental to your organization, which is why it is important to focus on becoming the best leader possible.

What characterizes great leadership?

  • Listen to your employees: address their complaints, suggestions, concerns, and personal issues in the workplace
  • Create new leaders: coach your team, raise them to a higher standard
  • Encourage participation: value everyone’s thoughts, feelings, opinions and ideas
  • Delegate: trust others to do the work
  • Collaborate: get everyone involved in setting visions, goals and objectives for your company

No leader is perfect, but small adjustments can lead to measurable improvements in your business.

REGISTER for our free webinar, “Becoming a More Resilient Leader” to learn more.

Author: Lauren McMurray, StratIQ Consulting
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